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American Safety Insurance Holdings Ltd. (ASI) filed Quarterly Report for the period ended 2011-05-10.
American Safety Insurance Holdings Ltd. has a market cap of $196.7 million; its shares were traded at around $18.84 with a P/E ratio of 10.2 and P/S ratio of 0.8.
This is the annual revenues and earnings per share of ASI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ASI.
Highlight of Business Operations:
Net earnings attributable to ASIH were $7.9 million, or $0.73 per diluted share, for the three months ended March 31, 2011, compared to $6.5 million, or $0.61 per diluted share, for the same period of 2010. The increase in net earnings was primarily due to net realized gains on investments totaling $11.1 million that were partially offset by catastrophe and other property losses in addition to prior year loss reserve strengthening in the Assumed Reinsurance Division.
The combined ratio was 116.7%, composed of a loss ratio of 77.7% and an expense ratio of 39.0%. The increase in the loss ratio to 77.7% from 59.1% for the same quarter in 2010 includes prior year reserve strengthening of $6.8 million including weather related losses in the E&S and ART divisions of $1.4 million and $0.8 million, respectively and $4.6 million primarily attributable to two non-renewed casualty contracts in the Assumed Reinsurance division. The loss ratio was also impacted by $3.6 million in losses attributable to New Zealand and Japan catastrophes in the Assumed Reinsurance division. The improvement in the expense ratio to 39.0% from 43.2% is attributable to economies of scale associated with an increase in net earned premiums.
Gross written premiums increased 25% to $74.3 million from $59.3 million for the three months ended March 31, 2011 and 2010, respectively. The growth in the E&S division to $36.0 million from $29.6 million was attributable to the environmental, healthcare and surety products. The growth in the ART division relates primarily to the dealer open lot program. The growth in Assumed Reinsurance was generated from an international general liability quota share treaty as well as growth in targeted classes of business.
Net earned premiums increased 27% to $54.4 million for the three months ended March 31, 2011, compared to $43.0 million for the same period of 2010. The addition of new products in the last three years has resulted in increased premium volume, specifically within the E&S and ART divisions and therefore resulted in higher net earned premiums.
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